{"id":4726,"date":"2018-05-28T22:17:16","date_gmt":"2018-05-28T16:47:16","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=4726"},"modified":"2019-09-25T11:37:28","modified_gmt":"2019-09-25T06:07:28","slug":"allahabad-bank-car-loan-interest-rates","status":"publish","type":"post","link":"https:\/\/www.antworksmoney.com\/blog\/allahabad-bank-car-loan-interest-rates\/","title":{"rendered":"Allahabad Bank Car Loan Interest Rates"},"content":{"rendered":"

Allahabad Bank \u2018All Bank Dream Car\u2019 loans are available at attractive and flexible interest rates 9.10% along with a repayment tenure of up to 84 months. Customers need not go through the hassle of extensive documentation or a very long waiting period to avail their loans. Eligibility is decided based on the person\u2019s income among other factors and this loan is available for customers who are self-employed, salaried, professionals and businessmen apart from firms, corporate, agriculturalists and also pensioners. Low margin and a high limit of the loan are two other factors that make the\u00a0Allahabad Bank car loan\u00a0one of the most accessible and easy-to-avail loans in the market currently.<\/p>\n

Allahabad Bank Car Loan Rates 2018 Table<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Base Rate<\/strong><\/td>\n9.10%<\/td>\n<\/tr>\n
Rate of Interest<\/strong><\/td>\n9.10%<\/td>\n<\/tr>\n
Margin<\/strong><\/td>\n15% of the vehicle\u2019s on-road price and this includes one-time registration along with first-time insurance charge and road tax<\/td>\n<\/tr>\n
Loan Limit<\/strong><\/td>\nThrice the net annual salary<\/td>\n<\/tr>\n
Loan Tenure<\/strong><\/td>\n12 months to 84 months<\/td>\n<\/tr>\n
Minimum monthly income required<\/strong><\/td>\nRs. 25000 for salaried individuals<\/td>\n<\/tr>\n
Documentation Charges<\/strong><\/td>\nNil<\/td>\n<\/tr>\n
Prepayment Penalty<\/strong><\/td>\nIn case of a takeover, 2% of the outstanding balance.<\/td>\n<\/tr>\n
Processing Charges<\/strong><\/td>\n1% of the amount taken as loan(minimum of Rs.500) However, Allahabad Bank employees are exempted from paying processing charges<\/td>\n<\/tr>\n
Mortgage Charges<\/strong><\/td>\nNA<\/td>\n<\/tr>\n
Inspection Charges<\/strong><\/td>\nNil<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
<\/div>\n

How do you calculate Interest Rates for an Allahabad Bank Car Loan?<\/h2>\n

Customers need to repay their loans through Equated Monthly Installments or EMIs. Rather than paying the entire amount as one lump sum, customers can repay the loan through a small amount paid monthly until the loan is completed. The amount paid as EMI each month depends on the amount borrowed and the rate of interest charged. Therefore an\u00a0EMI\u00a0amount consists of both the principal amount and the interest amount. EMI can be easily calculated using a simple formula.<\/p>\n

E = P*r*[(1+r)^n\/((1+r)^n-1)]<\/strong><\/p>\n

In the above formula, E refers to the EMI amount that is to be paid, P stands for the principal amount that is borrowed, r is the rate of interest charged per month and finally n is the number of years.<\/p>\n

Factors affecting Allahabad Bank Car Loan Interest Rates<\/h2>\n

Interest rates are perhaps the most important factor taken into consideration by prospective customers. Lower the interest amount, the more affordable is the loan. There are various factors that play a role in the Bank\u2019s interest rate. Some of these factors include –<\/p>\n